NDC lawyer resurrects $2.25bln bond issue; writes to A-G

A member of the legal team of the opposition National Democratic Congress (NDC) has written to the Attorney-General, Gloria Akuffo demanding information on government’s $2.25 billion local bond issued last month.

Victor Adawudu in a four-page letter to the AG said his request was necessitated by the issues that have been raised by sections of Ghanaians following the issuing of the domestic bond.

He said he was exercising his right in Article 21(F) of the 1992 Constitution which states that, “All persons shall have the right to information, subject to such qualifications and laws as are necessary in a democratic society.”

A section of NDC MPs on Parliament's Appointments Committee

"...the Constitution of Ghana is predicated on the tripod of transparency, probity and accountability, and as a citizen of Ghana, I am concerned about the apparent opaqueness of the processes towards the issuance of the bonds," the letter read.

(a) Please provide the date and the exact time all the Bond Transactions were opened or announced to investors to participate;

(b) How was each of the transactions communicated to investors?

(c) Before the official communication to investors of the opening of the Bonds did the Ministry or any of its officials directly or indirectly discuss any aspects of the Bonds with any of the investors?

(d) The date and time the Bond Transactions closed;

(e) The date and time the summary of issuance was made known to investors and the public.

(f) Please confirm the coupon prices for all the Bonds issued;

(g) Whether or not there was any roadshow towards the issuance of the Bonds;

(h) If yes, where did ti take place, and what was the duration of the roadshow.

The NDC Minority has consistently raised questions about government's issuance of the $2.25 billion domestic bond, claiming the process was not transparent.

Finance Minister, Ken Ofori-Atta

The Minority on April 3, 2017, called for a Parliamentary probe into the local bond issue, insisting it was “shrouded in secrecy to the extent that Ghanaian investors were denied the opportunity to participate in the deal.”

The NDC MPs said the bond was manipulated by Finance Minister, Ken Ofori-Atta to favour one of the bond investors, Trevor G. Trefgarne.

The Finance Minister in a press statement said nothing untoward happened in the issuance of the bond, saying notice was served to both local and international financial markets on March 30. This, Mr Ofori-Atta said was done through email and same was published on the Ministry and Bank of Ghana's websites.

But speaking to Evans Mensah on Joy FM's Top Story Monday, Mr Adawudu said he is seeking the answers because the Minister's statement did not answer the core questions that continue to bother both local and foreign investors.

"When the press statement was released, there were conflicting accounts and to get the right information I am requesting for the data so that we will get the right answers," he said.

Mr Adawudu is asking "Whether there was Parliamentary Approval for the issuance of all the Bonds? If so, when?" and "Whether or not there was Cabinet Approval for the issuance of the Bonds. If so, when?"

NDC's Ashanti Regional Youth Organiser, Yaw Brogya Gyamfi

Meanwhile, Joy News has learnt the Commission on Human Rights and Administrative Justice (CHRAJ) has written to the Finance Minister in reaction to a petition by the NDC's Ashanti Regional Youth Organiser, Yaw Brogya Gyamfi over the matter.

CHRAJ in the said letter has given Mr Ofori-Atta a 10-day period to forward his response to the Commission.

Mr Gyamfi told Joy News his checks at the Ministry reveal the Minister has responded to the letter. He said he is ready to testify if summoned by CHRAJ.

"There are more emerging issues...I have got a lot of information especially about the man [Franklyn Templeton] involved," he said.